Hong Kong Secretary for Financial Services and the Treasury, Patrick Hui: Regulated stablecoins are expected to be launched by mid year The Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, Xu Zhengyu, stated that the two licensed stablecoin issuers need to complete technical platform and system testing, implement various risk management measures (including reserve asset management and asset security protection, currency stability mechanism, redemption rules, network security, etc.) before officially operating. The Hong Kong Monetary Authority has always maintained close communication with licensed issuers to ensure the steady progress of various preparatory work. Based on the current business plans of the two institutions, the regulated stablecoin in Hong Kong is expected to be launched first by the middle of this year. In addition, the Hong Kong Monetary Authority has proactively contacted other applying institutions to carry out further communication and docking. On the premise that the applying institution meets the basic admission requirements of the "Stablecoins Regulations", the Hong Kong Monetary Authority will adopt unified and strict standards to review the application, focusing on three points: firstly, whether it can create practical and feasible application scenarios that help promote the development of the entire industry ecosystem; Secondly, whether there is a stable and sustainable operating model, as well as corresponding risk management capabilities and industry experience; The third is to strictly abide by the laws and regulations of Hong Kong and other relevant regions. (People's Financial News)